Why Residential Solar Power is Increasing in Popularity
Filed under: Solar Installation
The solar power industry is growing, and experts anticipate that the growth will continue in the future. Not only is there a great incentive from the government, but homeowners see the benefits of access to clean energy for their homes.
Reduced Cost of Solar Installation
For many years, solar electric systems were expensive. As a result, only commercial buildings or wealthy homeowners invested in solar panels. The prices have come down through the years, giving the average homeowner an opportunity to install a solar system if desired.
Government assistance, through tax breaks and other incentives, has made it easier than ever to install solar, without worrying about the initial costs. At the same time, new technology and modern manufacturing have made it possible to buy the necessary equipment at a lower price than before.
Buying or Leasing the Solar Panels?
Since the costs are coming down, many people are choosing to buy their solar system, instead of leasing the equipment. If the system is leased, you would usually have a monthly payment for 20 or 30 years. On the other hand, buying the panels allows you to enjoy free electricity after the system is paid off.
Factor in the money that will be saved on utility costs each month, after the system is paid for, and it is easy to see how a solar system is a great investment for you and your family. The payback period varies depending on the equipment that you are using and how much electricity you use each month. Most people save enough money on utility costs that they recover their investment in less than ten years.
Even if you don’t have the cash to pay for the solar system up front, you might consider a financing option. With this option, you would make monthly payments for 12 years, with 0 down and these costs are typically less than the amount that you would be paying for your electric bill each month. Especially after you re-amortize your loan and put down the money that you receive from the tax credit on the loan. You can also enjoy the benefits of free electricity after your system is paid in full.
If you would like to hear about the benefits of buying a solar electric system for your home, then you should schedule a consultation with an experienced solar team at : New Day Solar. Contact us for a free consultation and a no obligation quote at: (855) 444-6329. We offer no pressure sales and want to help you understand the benefits of solar. You can also visit us at www.newdaysolar.com.
